Tether Q4 2025: USDT don reach market cap $187.3B, reserves don rise as on‑chain activity hit record

Tether report for Q4 2025 show say USDT reach market cap of $187.3 billion after dem issue net $12.4 billion for the quarter, and dem set plenty on‑chain records. Main on‑chain metrics: estimated total users 534.5 million (+35.2M), on‑chain USDT holders 139.1 million (+14.7M), and monthly active on‑chain wallets average 24.8 million (all‑time high). On‑chain transfer value for the quarter na $4.4 trillion across 2.2 billion transfers. Distribution don shift towards exchanges and savings‑type wallets: 36% of USDT dey on centralized exchanges, 33% with savings‑style users and 26.5% with transfer‑type users; DEX/DeFi share drop after the October 10 liquidation events. Tether reported reserves grow to $192.9 billion (net assets $6.3B), including $141.6B in U.S. Treasuries, 96,184 BTC and 127.5 metric tonnes of gold. Tether talk say USDT growth show e dey used more as store of value and payments rail during market stress. Separate story: Tether reportedly cut down plans for $15–$20B fundraising after investors push back on almost $500B valuation and now dem dey consider much smaller raise despite big profits from reserve assets. For traders: the mix of bigger reserves, increased exchange holdings, record on‑chain activity and dominant share in stablecoin transfers and spot quoting mean USDT go still remain central to liquidity, price discovery and counterparty risk for crypto markets.